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IFRS 9: Illustrative disclosures

IFRS 9: Illustrative disclosures

Related content

This guide has been produced by the KPMG International Standards Group (part of KPMG IFRS Limted).

It is intended to help entities to prepare and present financial statements in accordance with IFRS by illustrating one possible format for financial statements for a fictitious multinational corporation (the Group) involved in general business activaties. This hypothetical reporting entity has been applying IFRS for some time - i.e. it is not a first-time adopter of IFRS. For more information on adopting IFRS for the first time, see Chapter 6.1 in the 14th edition 2017/18 of our publication Insights into IFRS.

Impact of the major new standards

Users and regulators have shown a growing interest in the possible impact of the new major standards that have been issued buy are not yet effective - i.e. IFRS Financial Instruments, IFRS 15 Revenue form Contracts with Customers and IFRS 16 Leases. As a consequence, significant focus is expected on the pre-transition disclosures about the possible impact of new standards that are required under the existing requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Regulators have communicated their expectation that, as the implementation of the new standards progress, more information about their impact shuold become reasonably estimable and prepares will be able to provide progressively more entity-specific qualitative and quantitative information about the application of the new standards in their financial statements...